Clifford Chance provided legal assistance in connection with the Romanian State EUR 1 billion issue

Clifford Chance advised the international banks Deutsche Bank, HSBC and EFG Eurobank as joint lead managers in connection with the EUR 1 billion Eurobond issue to be launched by the Romanian State through the Ministry of Public Finance. This is the largest offer of sovereign bonds issued by the Romanian State up to this date.

"The underlying merit for this success does not belong to the lawyers but to the team of professionals within the Ministry of Public Finance led by Bogdan Dragoi and to the three banks which managed to place a large amount on the market in the general context of the economic crisis and the particular context of the Greek crisis. Besides the amount itself which is not at all insignificant, this success is very important for Romania due to the message conveyed to international markets – Romania is a credible and attractive issuer." stated Daniel Badea, Managing Partner of Badea Clifford Chance.

The Clifford Chance team, which has worked on this project during the last 6 months, was led by David Dunnigan, the Global Coordinator of the Capital Market Practice and Daniel Badea, the Managing Partner of the Bucharest Office, assisted by Cosmin Anghel (Counsel, specialised in banking & finance, including public finance) and Radu Ropota (Senior Lawyer, specialised in banking & finance and capital markets) from the Bucharest Office, and also by Eric Green (Senior Lawyer, specialised in capital markets) from the London Office.

Clifford Chance has been involved in all the bonds issues made by the Romanian State starting with the '90s and up to this date, as well as in most of the major capital market transactions, both bonds issues and IPOs:
· The first medium term notes program (MTN) in Romania, for Banca Comerciala Romana (BCR) amounting to EUR 3 billion;
· The issuance of its first Romanian currency notes by the European Bank for Reconstruction and Development (EBRD);
· The issue of GDRs by Vimetco (the shareholder of Alro) on the London Stock Exchange, the IPO issue initiated by RCS RDS, the triple listing of Tehnomarket-Domo, the listing of Teraplast;
· The corporate bonds issued by Raiffeisen Bank, Finansbank.

Clifford Chance opened an office in Bucharest in June 2006 based on the association with Badea & Asociaţii with whom it merged on the 1st of May 2009. Following the merger, the name of the company is Badea Clifford Chance, and Daniel Badea is the Managing Partner. Badea & Asociaţii was established in 2002 by Daniel Badea and Nadia Badea.

Badea Clifford Chance was constantly involved in complex transactions involving syndicated loans, project finance, restructuring, issues of Eurobonds and shares on international capital markets, derivatives, acquisitions of companies by strategic investors or private equity funds, infrastructure and highways projects, real estate investments etc.

Badea Clifford Chance ranks first among law firms in Romania according to the latest edition of Legal 500 (2009) under the sections of Banking & Finance and Real Estate, as well as according to the latest edition of Chambers and Partners Global (2010) under the section Banking & Finance.